Duke Realty on Wednesday announced it owns a prime parcel of land in Newark, less than one mile from the Port of New York/New Jersey, Newark Liberty International Airport and the Interstate 95/New Jersey Turnpike.
The acquisition of the 53-acre site was completed in the second quarter of 2021 and is located at 740-768 Doremus Ave. It is accessible from Delancy Street and has overweight container road access.
Chuck Fern, Stephen Shoemaker, Gary Gabriel and Kyle Schmidt with Cushman & Wakefield represented the seller, while Duke Realty was represented by Mark Crawford, its senior vice president and head of acquisitions.
“The acquisition of the Doremus Avenue site is consistent with our strategy of focusing on high-barrier tier 1 markets,” Crawford said. “This purchase gives us an exceptionally located piece of land in a market where demand for industrial properties such as warehouses and outdoor storage space is extremely high, but sites are scarce.”
The Doremus land is currently leased to an outdoor storage provider. Upon expiration of the lease, Duke Realty has the option of continuing to use it for port-related goods storage or redeveloping it by adding warehouses and/or truck terminal.